IBDRY Iberdrola SA (PK)

Connecticut's Public Utilities Regulatory Authority has rejected Iberdrola SA's (IBE.MC, IBDRY) pending deal to buy UIL Holdings Corp. (UIL) for about $3 billion, the Hartford Courant reported Tuesday.

In a draft decision, the regulator said Iberdrola's record of mergers and divestitures "does not offer a consistent picture of sustained commitment to strong, resilient and dedicated local distribution of gas and electricity," the Courant reported.

The PURA said more clarification of the corporate structure and ratepayer protections could lead to approval of the deal, the report said.

Full story at http://www.courant.com/business/hc-uil-holdings-iberdrola-merger-denied-regulators-20150630-story.html

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